What company do you like for life insurance?
I am looking at changing my 20 year term life insurance. I am looking for recomendations. I am currently with Primmerica Life. Persons with some actual experience in this area please.
I am looking at changing my 20 year term life insurance. I am looking for recomendations. I am currently with Primmerica Life. Persons with some actual experience in this area please.
March 9th, 2010 at 1:09 PM
Hey Kendra,
There are several very good life insurance companies, including Prudential, Liberty Life, Metlife, Northwestern Mutual and Massachusetts Mutual.
When considering changing your 20 year term life insurance policy, make sure you review the following:
1. What is the financial rating of the insurance company?
2. What is the guaranteed level rate, and for how many years?
3. Is the new policy renewable (Renewable Option)?
4. Can you convert the policy to permanent life insurance (Conversion Privilege)?
5. How much lower will your new life insurance premium be?
6. Compare quotes from multiple companies before choosing a new plan, to find the lowest rate from an "A" rated insurer. You can learn more about comparing quotes at http://www.term-life-online.com
7. Consider the annual premium payment option to save extra money. They usually charge you more if you pay monthly.
Make sure you apply for, are approved, and pay for your new life insurance policy before you cancel your existing coverage.
You don’t want to get stuck without life insurance, and possibly unable to get coverage.
I hope that helps you Kendra. Best of luck to you. Merry Christmas!
March 9th, 2010 at 1:09 PM
SBLI
Met life
Allstate
March 9th, 2010 at 1:09 PM
lifeinsurance.awardspace.info - you can try this company. I personally have their life insurance.
March 9th, 2010 at 1:09 PM
Prudential is very good - been around over 125 years. They promptly settled my parents’ death claims.
Met Life has also been around for a long time & has a sound reputation.
You might also want to consider Mutual of Omaha - been around over 100 years and one of the last mutual companies (meaning policy-owner owned instead of stockholder owned).
You received some very good advice from other answerers. I’d add to double check the carrier’s A.M. Best rating (gives carrier’s financial strength) - carrier should have a Best rating of A or higher. In addition, check the policy offered to make certain that that particular policy is available in NY even if you don’t reside there. NY has some of the most stringent insurance statutes in the US. Also, check your state insurance department to see if there’s any nightmarish complaints against the carrier. Remember, the insurance industry is not Federally regulated so buyer beware.
A couple small caveats: depending on the state you live in there’s a 1 or 2 year period for uncontestability clauses to run. This means that if you give a material mistruth on the application and you die within that period, all the carrier would be required to pay the beneficiary would be the premiums you paid them - without interest. Be wary of "arm twisting" - an agent persuding you to drop your old coverage to get his/her coverage with the sole purpose of generating a hefty commission.
Good luck, Kendra!
March 9th, 2010 at 1:09 PM
Names of companies do you no good. Look at the quote engine on my site as it’ll price out 150 different companies…of which 149 or so should be cheaper than Primerica (joking a bit, but they are very expensive).
Depending on your age, the amount, and your health will determine which company is most suitable for you. The pricing tool requires no personal information to use.